14) Alice owns land with an adjusted basis of $610,000 subject to a mortgage of...
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Accounting
14) Alice owns land with an adjusted basis of $610,000 subject to a mortgage of $350,000. On April 1, Alice sells her land subject to the mortgage for $650,000 in cash, a note for $600,000, and property with a fair market value of $120,000. What is the amount realized?
a. $1,250,000
b. $1,370,000
c. $1,720,000
d. $1,820,000
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